Focus: Anniversaries
Carlos M. Gutierrez
US Secretary of Commerce
Please allow me to take advantage of the publication of this special issue of the China Business Review, commemorating the 30th anniversary of the start of China's economic reforms and the 35th anniversary of the US-China Business Council (USCBC), to express my appreciation for USCBC's outstanding contribution in promoting US commercial interests with China. The nature of US-China trade and commercial relations has been transformed dramatically in these years, as has the world's economic landscape. Thirty-five years ago, the United States and China had no formal diplomatic relations, and our economic relationship was a mere afterthought. Today, the bilateral relationship between our two great nations is the most important in the world. Indeed, last year, the United States and China together created 25 percent of the world's economic growth.
American exports to China have soared nearly 95-fold since 1973, when the USCBC was first set up, a year after President Nixon visited China. These exports are almost 80 times greater today than in 1978, when PRC leader Deng Xiaoping launched economic reforms. China is now the third-largest trading nation in the world, as well as our second-largest trading partner and third-largest export market. Total bilateral trade between China and the United States in 2007 was $387 billion, compared to just $755 million in 1973. As our fastest-growing major export market, China provides excellent opportunities for US exporters in an ever-expanding number of sectors.
The China story—both the country's remarkable rise, and the growth of our dynamic relations with it—is testament to the benefits of openness and engagement. The Beijing Olympics showcased the growing prominence of China on the world stage and the tremendous economic progress of the world's most populous country. Clearly, China has benefited from its engagement with the global economy.
Transformation of this magnitude does not occur without challenges and growing pains. The underlying changes in US-China trade and economic relations brought on by growth and opportunities, while strengthening our bilateral partnership, have led to concerns over many issues. These include market access, transparency, and protection and enforcement of intellectual property rights. Engagement on all levels is the most effective means to address these challenges.
We celebrated the 25th anniversary of the US-China Joint Commission on Commerce and Trade (JCCT) in September by securing results that benefit both the American and Chinese people. It is through the JCCT and other bilateral fora that we can act quickly, addressing challenges as they arise. Where trade is unfair, we work to right it. Where access is blocked, we work to improve it. Where regulations are excessive, we work to reduce them.
Developing sound and strong trade relationships between countries requires much more than government-to-government dialogue. The USCBC has been at the forefront of our private-sector economic engagement with China. Its role in organizing, informing, advising, and serving the US business community engaged in trade and commerce with China, in advising the US government, and in helping China reform has been invaluable. I thank the USCBC for its contributions in furthering US-China commercial relations and wish you even greater success in the future.
Copyright 2008 US-China Business Council
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